An article in RISMedia , based on the findings of a national survey of baby boomers aged between 49 and 67, shows this generation is optimistic about the prospects of retirement and being able to live an independent and active life.
The survey, carried out by Better Homes and Gardens ®Real Estate, shows that 57% of baby boomers intend to move out of their current home, and 70% are optimistic that their retirement home will be the best they have ever owned and lived in. Real estate experts have pointed out there are approximately 77 million baby boomers in the US, so it’s significant that so many feel optimistic about retiring and that most intend moving home. People from this generation have a reputation for being hard-working go-getters, and as such are going into retirement with big plans to continue enjoying life.
One factor that is important in achieving this retirement lifestyle is having a proper plan. Nearly half of all baby boomers surveyed are actively planning their retirement, taking into account the type of home and community they’d like to live in, as well as making important decisions as to whether or not they continue to work, or if they’d like to travel. Around a quarter intend to buy a second home for use during their retirement, which is a considerable achievement considering many were hard hit during the recession. Nearly 1/3 feels they are more likely to want to sell their home at the moment compared to five years ago, showing increasing confidence in the real estate market.
The survey also revealed a number of other interesting points, particularly that most do not expect family to move into their retirement home, and that any house guests will be short-term. This generation has often had to care for aging parents as well as children and grandchildren. Some 39% of those surveyed would like to move to a rural community or to a more traditional retirement community. Around a quarter would like to move to an urban community. However the majority wish to remain in the same area as they have already put down roots.
For those intending to move, 69% are willing to update their next time to meet their specific needs, and not surprisingly low-maintenance home features are top of the list of must haves. In the past most people tended to retire automatically at the age of 65, but things could be a little different for baby boomers as just over a quarter intend never to retire while nearly half of those saying they will retire still plan to work part-time.